Market watch: Stocks post limited gains as index rises 129 points
Benchmark index increases 0.37% to settle at 35,125.25
Benchmark index increases 0.37% to settle at 35,125.25. PHOTO: AFP
KARACHI:
The stock market experienced a relatively dull session on Friday as the benchmark index posted limited gains on the last trading day of the week.
FTSE rebalancing failed to have any significant impact on the market, which traded in the green throughout the day.
The KSE-100 index opened upwards but continued to fluctuate sharply. Trading activity was seen in cement, power and exploration and production stocks. Late session recovery was led by selected oil, banking and fertiliser stocks on attractive valuations.
At the end of trading, the benchmark KSE 100-share Index recorded an increase of 129.34 points, or 0.37%, to settle at 35,125.25.
Next Capital, in its report, said equities finished trading just above the flat line amid position adjustments by foreign funds due to FTSE rebalancing.
"According to a government notification issued on Thursday, the decision on restricting overloading of commercial trucks, which was negatively impacting the industries, has been put on hold for a period of 90 days."
Oil prices spiked in the international market by over 4% on Thursday after Iran shot down a US drone. As a result, Pakistan Oilfields Limited (POL) increased 3.06%, Pakistan Petroleum Limited went up 0.29% and Oil and Gas Development Company rose 1.84%.
JS Global analyst Maaz Mulla said equities closed its week on a positive note with benchmark KSE-100 Index gaining 129 points.
"The local bourse kicked off on a positive note, making a high of 212 point. Rise in international oil prices driven by simmering tensions between the U.S. and Iran kept the index gain momentum where POL (+3.1%), PPL (+0.3%) and OGDC (+1.8%) closed in the green zone."
Mixed sentiment was seen in the Financials where HBL (-0.5%) and UBL (-0.4%) closed in the red where MCB (+0.4%) closed in the green zone. Cements added woes as major stocks LUCK (-0.1%), DGKC (-1.4%), FCCL (-2.1%) and MLCF (-2.8%) closed in the negative zone.
"We expect market to remain volatile due to the ongoing economic and political scenario," he added.
Overall, trading volumes decreased to 129.3 million shares compared with Thursday's tally of 163 million. The value of shares traded during the day was Rs4.2 billion.
Shares of 313 companies were traded. At the end of the day, 122 stocks closed higher, 170 declined and 21 remained unchanged.
Summit Bank was the volume leader with 19.2 million shares, gaining Rs0.01 to close at Rs0.66. It was followed by WorldCall Telecom with 15.9 million shares, with no change in value at Rs0.79 and K-Electric Limited with 12.2 million shares, gaining Rs0.11 to close at Rs4.25.
Foreign institutional investors were net buyers of Rs37.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
The stock market experienced a relatively dull session on Friday as the benchmark index posted limited gains on the last trading day of the week.
FTSE rebalancing failed to have any significant impact on the market, which traded in the green throughout the day.
The KSE-100 index opened upwards but continued to fluctuate sharply. Trading activity was seen in cement, power and exploration and production stocks. Late session recovery was led by selected oil, banking and fertiliser stocks on attractive valuations.
At the end of trading, the benchmark KSE 100-share Index recorded an increase of 129.34 points, or 0.37%, to settle at 35,125.25.
Next Capital, in its report, said equities finished trading just above the flat line amid position adjustments by foreign funds due to FTSE rebalancing.
"According to a government notification issued on Thursday, the decision on restricting overloading of commercial trucks, which was negatively impacting the industries, has been put on hold for a period of 90 days."
Oil prices spiked in the international market by over 4% on Thursday after Iran shot down a US drone. As a result, Pakistan Oilfields Limited (POL) increased 3.06%, Pakistan Petroleum Limited went up 0.29% and Oil and Gas Development Company rose 1.84%.
JS Global analyst Maaz Mulla said equities closed its week on a positive note with benchmark KSE-100 Index gaining 129 points.
"The local bourse kicked off on a positive note, making a high of 212 point. Rise in international oil prices driven by simmering tensions between the U.S. and Iran kept the index gain momentum where POL (+3.1%), PPL (+0.3%) and OGDC (+1.8%) closed in the green zone."
Mixed sentiment was seen in the Financials where HBL (-0.5%) and UBL (-0.4%) closed in the red where MCB (+0.4%) closed in the green zone. Cements added woes as major stocks LUCK (-0.1%), DGKC (-1.4%), FCCL (-2.1%) and MLCF (-2.8%) closed in the negative zone.
"We expect market to remain volatile due to the ongoing economic and political scenario," he added.
Overall, trading volumes decreased to 129.3 million shares compared with Thursday's tally of 163 million. The value of shares traded during the day was Rs4.2 billion.
Shares of 313 companies were traded. At the end of the day, 122 stocks closed higher, 170 declined and 21 remained unchanged.
Summit Bank was the volume leader with 19.2 million shares, gaining Rs0.01 to close at Rs0.66. It was followed by WorldCall Telecom with 15.9 million shares, with no change in value at Rs0.79 and K-Electric Limited with 12.2 million shares, gaining Rs0.11 to close at Rs4.25.
Foreign institutional investors were net buyers of Rs37.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.